Hennessy Equity Correlations

Mutual Funds . USA . 
Fund . Hennessy Equity And
HEIIX Fund  USD 15.17  0.01  0.07%   
The current 90-days correlation between Hennessy Equity And and Hennessy Balanced Fund is 0.05 (i.e., Significant diversification). The correlation of Hennessy Equity is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Hennessy Equity Correlation With Market

Very poor diversification

The correlation between Hennessy Equity And and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Equity And and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hennessy Equity And. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Hennessy Mutual Fund

  0.94HICGX Hennessy Nerstone GrowthPairCorr
  0.84HICVX Hennessy Nerstone ValuePairCorr
  0.91HIMDX Hennessy Nerstone Mid Steady GrowthPairCorr
  0.97HILFX Hennessy Large CapPairCorr
  0.79HILGX Hennessy Nerstone LargePairCorr
  0.95HISFX Hennessy Small CapPairCorr
  0.97HLFNX Hennessy Large CapPairCorr
  0.93HMSFX Hennessy Bp MidstreamPairCorr
  0.93HMSIX Hennessy Bp MidstreamPairCorr
  0.77HNRGX Hennessy Bp EnergyPairCorr
  0.8HNRIX Hennessy Bp EnergyPairCorr
  0.95HSFNX Hennessy Small CapPairCorr
  0.88HTECX Hennessy TechnologyPairCorr
  0.89HTCIX Hennessy TechnologyPairCorr
  1.0HEIFX Hennessy Equity AndPairCorr
  0.94GASFX Hennessy Gas UtilityPairCorr
  0.67HFCSX Hennessy FocusPairCorr
  0.78HFCVX Hennessy Nerstone ValuePairCorr
  0.94HFCGX Hennessy Nerstone GrowthPairCorr
  0.68HFCIX Hennessy FocusPairCorr
  0.78HFLGX Hennessy Nerstone LargePairCorr
  0.91HFMDX Hennessy Nerstone Mid Steady GrowthPairCorr
  0.94HGASX Hennessy Gas UtilityPairCorr
  0.73FBONX American Funds AmericanPairCorr
  0.76FBAFX American Funds AmericanPairCorr
  0.76ABALX American BalancedPairCorr
  0.72BALCX American BalancedPairCorr
  0.76BALFX American BalancedPairCorr
  0.75RLBCX American BalancedPairCorr
  0.74RLBBX American BalancedPairCorr
  0.76CLBAX American BalancedPairCorr
  0.75CLBEX American BalancedPairCorr
  0.73RLBFX American BalancedPairCorr

Moving against Hennessy Mutual Fund

  0.37HJPIX Hennessy JapanPairCorr
  0.37HJPNX Hennessy JapanPairCorr
  0.84KF Korea ClosedPairCorr
  0.39BRUFX Bruce Fund BrucePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Equity Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Hennessy Equity's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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